The Medical Psilocybin Act aims to establish a regulated framework for the use of psilocybin, a naturally occurring psychedelic compound, to treat qualified medical conditions such as major treatment-resistant depression, posttraumatic stress disorder, and substance use disorders. The Act creates a medical use of psilocybin program within the Department of Health, which will oversee the training of clinicians and producers, establish treatment protocols, and monitor compliance. An advisory board will be formed to recommend qualifying conditions and best practices for the use of psilocybin in medical settings.

Additionally, the Act amends the Controlled Substances Act to remove psilocybin and psilocin from the list of controlled substances for the purposes of qualified medical treatment, thereby exempting individuals involved in the program from criminal and civil penalties related to their participation. It also provides a gross receipts tax deduction for medical psilocybin products and establishes two funds: the medical psilocybin treatment equity fund and the medical psilocybin research fund, aimed at supporting treatments for qualified patients and funding research on psilocybin, respectively.

Statutes affected:
introduced version: 7-9-73.2, 30-31-6
JU substitute: 30-31-6
Final Version: 7-9-73.2, 30-31-6